1025 Daybreak Bluff Drive, Cary, NC / Sale # 16-66-130

General Information

The placement of a successful bid at a Department of the Treasury auction establishes a legally binding contract between the successful bidder and the Government. The auctioneer's announcement of the high bid amount and the bidder's number establishes the contract, which is subject to final acceptance by the government. This contract is bound by these Terms and Conditions, any special terms and conditions published by the Contractor for the specific auction, 19 CFR Customs Duties Part 162, & all other Federal regulations governing contracts for the purchase of Government property, which may be found at http://www.acquisition.gov The successful bidder is legally bound to pay for property awarded in accordance with his/her bid.

CWS, the Contractor, is acting as the agent of the Government with respect to the sale of Government real property at these auctions. The contractor may videotape the auction and record phone bidding to assist in any future contract resolution actions.

Eligibility of Bidders

The Bidder warrants that he/she is not:

(a) under 18 years of age;

(b) an employee of any department or agency of the Federal Government prohibited by the regulations of that agency from purchasing property sold hereunder;

(c) an agent or immediate member of the household of the employee in (b), above;

(d) the contractor, subcontractor or vendor, or their agent who has access to information concerning the property to be sold at U.S. Department of the Treasury auctions that is not generally available to the public;

(e) presently debarred or declared ineligible for the award of contracts by any Federal agency in accordance with 41 CFR 101-45.6; or

(f) the party, or agent of the party(s), from whom the property was seized.

The contractor's subcontractor may not act as agent for a third party in purchasing Department of the Treasury Real Property that is or has been in their custody or control. For breach of this warranty, the Government shall have the right to cancel the contract without liability.

Registration of Bidders

Persons wishing to participate in the bidding process of the sale are required to obtain, fill out, and deliver a bidder registration form during the registration process for each sale. Click here to view the bidder registration form . This form can be printed out and completed prior to the auction. The form will also be available at the auction.

In the event a person is bidding on behalf of another party, an original notarized Power of Attorney must be presented at the time of registration. Power of Attorney must include the buying party's social security number.

If you are planning to bid in the name of a corporation, business, or LLC, you must have the appropriate official documentation to show proof of eligibility to bid on behalf of that corporation, business, or LLC.

An individual's signature on the bidder registration form is an acknowledgment of his/her full and complete understanding of all terms and conditions and his/her agreement to be bound thereby. Therefore, bidders are cautioned to carefully read all applicable terms and conditions contained in this document and the sales flyer before signing the bidder registration card. Bidders must present a photo ID and evidence of earnest money deposit in the amount of $20,000 in the form of cashier's or certified check made payable to CWS Marketing Group, Inc as a prerequisite of registration. Personal or business checks, money orders, cash, bank letters, or letters of credit WILL NOT be accepted. Cashier's checks made payable to the bidder's name CANNOT be accepted.

Each registered bidder will be issued a bidder number upon completion of the registration process. Each bidder is solely responsible for the use of his/her bidder number and any use by another person is presumed to be with the consent of and contractually binding on the registered bidder.

The registrant agrees that, should the registrant be the successful bidder of a property lot, the following information regarding the transaction shall be published on the U.S. Department of Treasury auction website: (1) the registered bidder's name; (2) the property's address; (3) the purchase price of the property. Electronic Freedom of Information Act Amendments of 1996 (5 U.S.C. 552 (2000)).

Earnest Money Deposit

Immediately after the bidding is completed the high bidder and second high bidder (Back-Up Bidder) will be required to make a $20,000 earnest money deposit in the form of a cashier's/certified check made payable to CWS Marketing Group, Inc . A real estate contract will be executed at this time by the high bidder and back-up bidder. The terms of the real estate contract supersede the Terms of Sale.

The high bidder shall deliver ten percent (10%) of the Purchase Price less the initial money deposit, whichever is greater, to CWS by cashier's/certified check, payable to CWS Marketing Group, Inc or by bank wire transfer. Within three business days, should the high bidder fail to deliver the earnest money, Seller shall have all rights and remedies provided in the Terms of Sale, including the right to retain the initial money deposit and any other deposits or payments made by the high bidder as liquidated damages.

The successful bidder's deposit(s) will be retained as the initial payment for the property. Personal or business checks, money orders, cash, bank letters, or letters of credit WILL NOT be accepted. Cashier's checks made payable to the bidder's name CANNOT be accepted.

Back-Up Bidder

The back-up bidder's earnest money deposit will be returned by certified mail or overnight delivery service within three (3) business days after receiving total earnest money deposit from the high bidder. In the event earnest money is not received from the high bidder within the time period specified, the back-up bidder will become the high bidder at the Purchase Price stated in the back-up bid contract. The back-up bidder is obligated to transmit earnest money as stated above within three (3) business days of notification. The foregoing liquidated damages provision shall apply to the back-up bidder.

Inspection of Property

The bidder is invited, urged, and cautioned to inspect the property prior to submitting a bid. Failure to inspect property shall not constitute cause for cancellation of sale. Property will be available for inspection at the times specified by the Contractor. Absolutely no access to property is allowed without prior Contractor authorization. At their own expense, potential bidders may have property inspectors examine the property during regularly scheduled open houses.

Oral Statements and Modifications

Changes may be made on the day of the sale to the property status or descriptions in the sales flyer or auction site. These changes take precedence over previous sales flyer or auction site information pertinent to that property, but do not alter in any way the basic Terms and Conditions of sale. Further, no interpretation of any provision of the sales contract, including applicable performance requirements, shall be binding on the Government unless furnished to and agreed upon, in writing, by the Contracting Officer or his/her designated representative.

Real Property Descriptions

The bidder understands and agrees that the property is offered, purchased, and accepted by the buyer "AS IS" and "WITH ALL FAULTS." The Government and its agent make no warranties or guarantees whatsoever whether written, oral, or implied as to quality, condition, or habitability.

All information contained in the sales flyer and auction site was derived from sources believed to be correct, but there is no guarantee. Buyer acknowledges that he/she relied entirely on his/her own information, judgment, and inspection of the property.

If a legal misrepresentation is determined before the final closing on the property, the Government reserves the right to cancel the sale and refund any earnest/deposit money paid.

Lead-Based Paint (for properties built before 1978)

Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards and the EPA pamphlet “Protect Your Family From Lead In Your Home” may be obtained by calling 1-800-424-LEAD or visiting http://www.epa.gov/lead. Buyer acknowledges responsibility for all costs associated with the abatement and remediation of any disclosed or potential hazards associated with the property.

Offering of Property for Auction and Submission of Bids

Once the Government accepts a bid, a final written sales contract will be prepared to include the individual information of the high bidder along with the accepted bid amount. A contract may also be conditionally established with the recognized back-up bidder for execution if the high bidder defaults for any reason or is rejected by the Government.

In the event of a dispute as to final bid amount, the Government reserves the right to review the video and audio tape of the auction for clarification or to re-offer the property in question.

Written Bids

If you cannot attend the auction, you may submit a written bid by sending a completed written bid form , with your written bid clearly marked. Written bids may be submitted in person, by registered mail, or by overnight delivery service. The appropriate deposit per property by cashier's/certified check only, must accompany your written bid. The cashier's check deposit must be made payable to:CWS Marketing Group, Inc.

Written bids for the property must be received no later than 5:00 p.m.on May 23, 2016, at the following address: CWS, U.S. Department of the Treasury, Seized Real Property Support, 10611 Balls Ford Road, Manassas, VA 20109, Attn: Real Property Sales.

Unsuccessful written bidders' deposits will be sent to the bidders by certified mail or overnight delivery service within five (5) business days after the sale.

The highest written bid received will be the opening bid. Written bids will not be disclosed prior to the auction.

You may also send a representative to bid on your behalf by signing over temporary notarized Power of Attorney, which must include the buying party's social security number.

Consideration of Bids

The Government reserves the right to reject any or all bids, and to waive any technical defects in bids. Property is sold with a minimum reserve price unless the property is, in explicit terms, offered without a minimum reserve price. If the minimum reserve price is not achieved, the Government may withdraw the property at any time before the sales contract is executed.

Financing

The buyer is responsible for obtaining his or her own financing arrangements as required. The Government does not provide financing for the purchase of any property offered under these Terms and Conditions. Bidders are strongly recommended to investigate and secure financing arrangements, if required, prior to attendance at a public offering.

Failure to obtain financing during the closing process does not relieve the buyer of his/her legal responsibility and obligation for completion of the contract. Failure to comply with all provisions of the sales contract regarding closing may result in termination of the contract because of buyer's default and may result in the forfeiture of any earnest/deposit funds.

Closing

Closing will be held within 30 calendar days of the date the Government signs the sales contract accepting the Buyer's offer. Closing may be held sooner, with mutual agreement of Buyer and Seller. Only the Seller may, at its discretion, exceed closing beyond 30 calendar days. Closing costs including, without limitation, transfer taxes, documentary stamps, recording fees, and escrow fees will be paid by the Buyer and Seller in accordance with the customs of the county in which the property is located. In the event Buyer desires title insurance, it will be at the Buyer's expense.

Government Deed

Clear Title will be transferred via a Government deed. Liens and other encumbrances will be paid by the Government. Title insurance is available at Buyer’s expense.

Defaults

Failure to make required deposit or final payments and/or comply with the time frames specified in the sales flyer shall be deemed default of the high bidder and may result in cancellation of the contract and forfeiture of any rights, title, and interest the Buyer may have acquired. In that case, title of the property will remain with the Government and will result in the forfeiture of the deposit. If the default occurs because of failure to make the required deposit, the buyer shall be liable to the Government for liquidated damages in the amount of that deposit.

Property Offered for Sale by IRS-CI, ICE, or Secret Service

In accordance with 18 USC Section 1963(f) and 21 USC Section 853(h) of the Comprehensive Crime Control Act of 1984 and Department of the Treasury Policy, forfeited (real) property will not be sold to the defendant or person(s) acting as his/her agent. A real property sales contract may be cancelled by the Government in compliance with the above statutes or policy.